USDA lowers 2018 corn, soybean production estimates

The USDA has lowered its outlook for 2018 corn and soybean production slightly. This report doesn’t reflect recent weather damage and further reductions might be made in November’s update.

As of October 1st, the USDA has corn at 14.778 billion bushels, potentially the second largest on record, a little bit less than in September, but up 1% on the year, with a record average yield of 180.7 bushels per acre, also down slightly from last month, and harvested area of 81.767 million acres.